Ready to short sell your home?
Don't know what a short sale is? A short sale is when the value of a home is less than what is owned. This can be due to many reasons, but most commonly is a result of a rapidly declining real estate market.
For many homeowners, a short sale is an ideal way to avert foreclosure or bankruptcy when they can get the lender to forgive the difference.
How do I proceed with a short sale?
First, determine the true market value of your property. If your finances are already stretched, engaging a licensed appraiser may not be an option. Therefore, a qualified local real estate professional that knows the current conditions of the Grand Prairie real estate market is a smart way to get a reliable opinion of your home's value.
Grand Prairie homeowners who are upside down on their mortgage and need results fast should turn to the expertise of Target Cost Realty, LLC to guide them through the short sale process. Contact me today
for a free consultation.
Next, estimate your closing costs. My experience means I know to take into account fees like title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs at the closing table.
Finally, get in touch with your lender and make them aware of the situation. They may even have a special department that manages short sales. Ask about their exact steps. Some lenders will be more able to work with you than others. They may be able to decrease the amount owed or make other arrangements. Your lender will have to agree to the final sale.